While all addictions are harmful to you both physically and emotionally, succumbing to a spending addiction can be one of the fastest ways to get yourself into financial trouble like debt and complete monetary instability. And although you may know intellectually that spending all your money on frivolous items is harming your financial health, overcoming an addiction such as this can seem near impossible when you’re in the thick of it. So to help those suffering from this way of life, here are three strategies to try that will help you break your spending addiction.
Replacing Shopping With A Healthier Habit
When someone develops a spending addiction, it’s usually as a result of having some type of need filled through the act of spending money. Knowing this, you have to figure out what need is being filled and then brainstorm other ways that you could fill that need without reverting back to your excessive spending. When doing this, Robert Pagliarini, a contributor to CBS News, advises that you’re careful not to replace this bad habit with another bad habit. Instead, try to find something that will make your life fuller and healthier rather than just giving in to the immediate needs you have.
Use Only Cash
Paying for things using a debit or credit card can make it harder for you to visualize how much money you’re actually spending. This can result in you spending a lot more money than you even realize. To combat this on your journey to addiction recovery, Clark Palmer, a contributor to BankRate.com, recommends starting to make your purchases using cash only. By having to physically take all the money out of your account in cash and then use that cash to pay for something, you can see exactly how much money you have to spend and can’t overspend once that money is gone. This tactic can be very helpful in limiting your spending.
If you’ve tried multiple strategies on your own and still haven’t been able to find success with breaking your spending addiction, it’s time to seek some professional help. Kimberly Palmer, a contributor to U.S. News and World Report, shares that there are a lot of mental health professionals out there who can offer therapy to those suffering from a spending addiction. Additionally, you can seek out a 12-step program that can help you through gaining support from others who have been in a similar situation with regards to their spending and financial health. There’s absolutely no shame in seeking help if it will get you on a healthier path and get you started with a better relationship with money.
To finally take real steps toward breaking your spending addiction, use the tips mentioned above to begin changing your habits today.